Top 5 ORX News Losses: Q2 2020

  • 15 July 2020

Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q1 2020.

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June

1. SEB Group – $107.3m

SEB fined SEK 1 billion by FI for deficiencies in its AML measures in Baltic operations.

2. MetLife – $84m

MetLife pays USD 84 million for misrepresenting the value of its reserves to investors.

3. JPMorgan Chase & Co. – $62.5m

Chase Bank pays USD 62.5 million over improper fees and illegal interest rates for soldiers. 

4. Postbank (South Africa) – $62.1m

Postbank incurs USD 62 million loss after employees print and steal master key. 

5. Commerzbank – $47.7m

Commerzbank fined GBP 37.8 million by FCA for anti money laundering control failures. 

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May

1. Morgan Stanley – $45.5m

Morgan Stanley to pay up to EUR 42 million to Dutch tax authorities over alleged cum ex deals. 

2. Norfund – $10.0m

Norfund defrauded of USD 10 million loan in fake email scam.

3. Bloomberg Tradebook – $5.0m

Bloomberg Tradebook fined USD 5 million by SEC for trade order routing misrepresentations.

4. MSSB – $5.0m

MSSB to pay USD 5 million for misleading customers about charges for trade execution services.

5. Stifel – $3.6m

Stifel pay over USD 3.6 million for giving misleading and inaccurate information on UITs.

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April

1. IBK – $86.0m

IBK pays USD 86 million for allowing over USD 1 billion to be illegally sent to Iran. 

2. Wells Fargo – $35.5m

Wells Fargo to pay USD 33.5 million settling claims it failed to offer loan modifications.

3. Bank Hapoalim – $30.1m

Bank Hapoalim to pay USD 30.1 million for role in FIFA bribery and money laundering scheme.

4. FS – $23.1m

FS ordered to pay CAD 32.8 million by BCSC over selling and unregistered trading of securities.

5. Guaranteed Rate – $15.1m

Guaranteed Rate to pay USD 15.1 million for non-compliance with FCA and FIRREA standards.

Download April's Top 5

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The ORX News service works by searching global media outlets for operational risk loss events. Our team of multilingual researchers summarise the stories and classify them with the relevant information such as the sector, business line, event type and scenario category. This means you can easily use the service to enhance your scenario generation process, monitor important risk trends and raise awareness of operational risk events.

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